June 14, 2006 — The Department of Licensing and Consumer Affairs has issued a release warning V.I. residents of an illegal pyramid scheme entitled "Life Without Debt." DLCA goes on to state the "schemes are illegal and could result in criminal or civil penalties for anyone who knowingly defrauds another.
The principal sponsor of the pyramid scheme has been identified as James Ray Phipps of Colleyville, Texas, who operated similar schemes entitled "Women's Gifting Circle" and "E-Z Wealth By Design."
Anyone who has been approached to participate or has been a victim of this most recent scheme is urged to contact DLCA.
On St. Thomas and St. John, call 774-3130; on St. Croix, call 773-2226. All complaints will be held in strict confidence.
